重点：
1）未入账销售达~21.8亿令吉。
2）2014年拥有总值32亿令吉的发展和预测能发售20亿令吉的增收。
3）积极减低净负债比率。【净负债比率 = （总负债 - 现金或现金同等）/ 总资产）】
4）一流的发展地段。
5）一等一的房地产发展商。
以上的（1）+（2），粗粗预测接下来的3-4年内，单单靠房屋销售的收入，平均每年的每股盈利最低可以到达15仙，应该会更高。
以上的（3），会带来多次的一次性的高收入。最近19-Mar-14的消息，公司卖出部分的地段给Eco World，已经肯定会带来大概每股12仙的盈利。预测陆续还会有惊喜！
以上的（4）+（5），是一个品牌保证的资产。也是证明管理层的付出。
在未来的20年，手上可发展的地段总价值超过800亿令吉！
这次，我不再看为投机了！这是一题短中期的投资。基本面和技术面看来，亏损有限，赚副无限！值得一试！
更清楚的资料，都可以从公司网站里的报告看。不要错过！
http://ir.chartnexus.com/tropicana/presentation.php
Focus Points:
1) Unbilled sales stand at RM2.18bil.
2) RM3.2bil new launches in FY14, target sales of above RM2bil.
3) Aggressively lower down the net gearing. [Net gearing = (Total Liabilities - Cash and equivalent) / Total Assets.]
4) First class landbanks in well locations.
5) A premium brand property developer.
For (1) + (2), estimation for the 3-4 years down the road, the properties sales are expected to contribute to company earning at least eps 15sen yearly (rough calculation), but expect to me more.
For (3), expect more contribution of one time deal income to company earning. The latest news on 19-Mar-14, the company sold part of its land to Eco World and expected to bring earning to company about eps 12sen. Expect more surprise will be coming!
For (4) + (5), the branding is the guarantee of great assets for the company. It also prove great effort from the management.
There is more than RM80bil of GDV for the coming 20 years to feed the company very well.
It is no longer a trading for me, but good investment for short to mid term. Fundamentally and technically view as limited downside, but offer great room for upside. Worth a try!
For details, company website provided a greater presentation material to explain it. Don't miss it!
http://ir.chartnexus.com/tropicana/presentation.php
2 comments:
其他重点：
1）管理层要在2015内把公司的市值提高到30亿。
大概算下，股价要去到RM2.50的范围才可以达标。
2）之前私募和公积金买入的票，都在RM1.78的价位。
只要公司能把债务降低，继续打响公司的前景，到时就能吸引更多基金和大户投资在公司的身上。
2012的年报：
CREATING UNIQUE LIFESTYLE EXPERIENCES
The growth momentum experienced by the Group throughout 2012 was dynamic. It has put Tropicana in
an excellent position to capture signicant growth opportunities available, and to generate sustainable
shareholders’ value.
Although we have achieved amazing results thus far, we are steadfast on our growth aspirations - to
achieve RM3.0 billion market capitalisation in the next three years. As we move with vigour in this
direction, we remain committed in creating integrated lifestyle experiences to our discerning
customers through our design concepts as well as our innovative and strategically located
developments. To us, it is about creating the ultimate unique lifestyles experiences in an
environment of comfort, relaxation and easily accessible locations.
纠正:
1）管理层要在2015内把公司的市值提高到30亿。
大概算下，股价要去到RM2.20的范围才可以达标。
票数：1365.6mil
市值：3000.0mil
股价：RM2.20 **（3000/1365.6）**
注：未来的票数会有变数。
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